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ITLA Announces 16.2% Rise in 2002 Net Income

SAN DIEGO-ITLA Capital Corp. reports a net income of $20 million or $3.16 per diluted share for the year ended December 31, 2002, as compared with $18.2 million or $2.72 per diluted share for the prior year.

By Erin Cassin | Updated on February 10, 2003

SAN DIEGO-Locally based financial services company ITLA Capital Corp. has announced its “seventh consecutive year of record profitability,” with a net income of $20 million, or $3.16 per diluted share, for the year ended December 31, 2002. This figure marks a 16.2% rise from the prior year’s net income of $18.2 million, or $2.72 per diluted share.

Fourth quarter 2002 saw a 13.5% increase in net income, jumping to $5.3 million or $0.84 per diluted share, from $4.7 million or $0.74 per diluted share for the same period last year. In fact, fourth quarter 2002 wound up being the busiest period of the year for ITLA, as it sewed up the acquisition of its independent film finance division, the Lewis Horwitz Organization; entered into a business relationship with Household International Inc. regarding certain consumer and commercial loan products; and received state and federal bank regulatory approval to complete the conversion of its charter to a state commercial bank and bank holding company. President and CEO George W. Haligowski called those last three months of 2002, “the most productive quarter in the company’s 28-year history.”

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